Mortgage Rates for September 12, 2024
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Mortgage rates dropped in August after a weaker jobs report shook investor confidence, fueling expectations for a Federal Reserve rate cut in September. While the Fed doesn’t directly control fixed mortgage rates, its decisions influence the 10-year Treasury yield. This yield rises when demand for Treasury notes falls, often reflecting optimism about the economy. Despite these factors, it isn’t easy to time the housing market perfectly. If you’re financially prepared to buy, tracking mortgage rates regularly and securing a low-cost lender is best.
All rate data is accurate as of September 12, 2024, at 7:30 a.m. ET.
Today’s 30-year mortgage interest rate
Today, the average 30-year fixed mortgage rate is 6.27 percent, a decrease of 16 basis points compared to last week. Notably, the average rate was higher just a month ago, at 6.56 percent. At this rate, monthly payments total $617.02 per $100,000 borrowed in principal and interest, a decrease of $10.45 per $100,000 compared to the previous week.
Today’s 15-year mortgage interest rate
The latest average rate for a 15-year fixed mortgage is 5.53 percent, down 9 points from last week. At this rate, monthly payments total $586 per $100,000 borrowed.
Consumers should shop around to get the best deal. Rates below national averages are available. FreeRateUpdate.com has verified fixed mortgage rates as low as 4.250 %, with a 4.599 APR available today in our mortgage lender network.
